CROSBY Research – Anta (2020 HK/BUY): Weaker than expected 2Q25 sales growth for Anta Brand

18 Jul 2025

Anta announced its 2Q25 operational results, with retail sales for its Anta Core Brand recorded a LSD growth YoY (1Q25: +HSD, 4Q24: +HSD), with 1H25 up by MSD YoY. Both adults and kids sales grew by LSD YoY, which are lower than mgmt. expectations. Online sales was up by LSD YoY, compared with 1Q25 low-teens growth, while offline sales grew by LSD YoY. Retail inventory turnover was at a healthy level of around 5 months (1Q25: less than 5 months), while offline retail discount was up 1ppt QoQ to 27% and online retail discount increased slightly by 5ppt QoQ to around 55%.